North and Latin America Water Pumps Market Expected to Reach US$ 3000 Million by 2024

Water Pumps Market: North & Latin America Industry Analysis and Forecast, 2016 – 2024,” a newly published report by Market Research Reports Search Engine (MRRSE)  for a projected period of eight years from 2016 to 2024, forecasts the performance of the water pumps market in North and Latin America. While considering the overall market approach, the major players in the market are focusing on product development in order to provide improved product life cycle with reduced operating costs as advocated by regional regulatory boards and also preferred by the end users. According to Market Research Reports Search Engine (MRRSE) analysts, the North and Latin America water pumps market is characteristically moving towards vertical integration to facilitate the expansion of their sales and distribution footprint. Various acquisitions have been witnessed during the recent past and the same trend is expected to continue in the coming years with increasing profitability

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Centrifugal pumps are widely used in industrial applications due to their design and function. These pumps are tipped to be the dominant segment outpacing the market expansion and growth of positive displacement pumps. The centrifugal pump segment was estimated to account for a major market value share of more than 90% in 2016 and is expected to gain more than 20 BPS over the forecast period. The centrifugal pump segment is expected to create incremental $ opportunity of more than US$ 3,000 Mn between 2016 and 2024. The segment is expected to reach a market value of more than US$ 12,000 Mn by the end of 2024 expanding at a CAGR of 4.0%.

Growing environmental awareness among end users expected to drive demand for centrifugal pumps

There has been an increasing adoption of micro disc pumping and variable frequency drive technology for centrifugal pumps. Micro disc pumping technology enables manufacturers to create small-sized and energy efficient centrifugal pumps. With ongoing trends such as size reduction, portability, and variable frequency drive operation, demand for small, silent, energy-efficient, and high performance centrifugal pumps is fast gaining traction. Increasing energy costs and growing environmental awareness among end users is expected to drive demand for energy-efficient and cost-effective centrifugal pumps over the forecast period. Depreciating pump efficiency coupled with increasing overhead costs are the key issues for end use industries that rely on centrifugal pumps. Energy-efficient centrifugal pumps reduce annual energy costs and in turn create a positive impact on the environment. Most of the centrifugal pump manufacturers are focusing on optimization of centrifugal pumping systems and increasing production speed. Moreover, rising demand for effective industrial infrastructure, including that for energy and water in developing regions and retrofitting, upgrades and replacement of ageing components in developed regions is anticipated to drive the growth of the centrifugal pumps segment over the forecast period. Centrifugal pumps have been witnessing a higher demand from process industries with growing output, especially in the chemicals, pulp and food and beverage industries. Moreover, rising demand for energy-efficient manufacturing operations in developed nations is in turn expected to increase expenditure in new pumping equipment, ultimately driving the demand for centrifugal pumps.

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Slowdown in capital expenditure and influence of China-based manufacturers likely to restrict the growth of the centrifugal pumps segment

The presence of a large number of Chinese players offering low-priced water pumps acts as a restraint to most North and Latin America players offering centrifugal pumps. The emergence of China as a major producer of low-cost water pumps has disrupted the market to a certain extent. To overcome this challenge, international pump vendors are differentiating their products through various additional services and integration of advanced technologies. The slowdown in capital expenditure across industrial sectors is another factor that is acting as a restraint for the growth of the centrifugal pumps segment. This is due to recessive economic performance across industrial sectors where the supply-to-demand ratio is at a higher rate, thereby prompting the industries to curb their output production and stall their upcoming expansion / capacity enhancement plans.

Centrifugal pumps expected to be a major contributor in the total absolute $ opportunity during the forecast period

In North America, the centrifugal pumps market is likely to create total incremental $ opportunity of more than US$ 2,000 Mn between 2016 and 2024, expanding at a CAGR of 4.0%. North America was estimated to hold more than 80% value share of the North & Latin America centrifugal pumps market by the end of 2016. The Latin America regional centrifugal pumps market is anticipated to record total incremental $ opportunity of more than US$ 600 Mn between 2016 and 2024, expanding at a CAGR of 4.0%. The growth in mining operations and macroeconomic growth of overall industrial and infrastructure sectors are projected to be the major driving factors boosting the development of the centrifugal pump market in Latin America.

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